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The Government of the Republic of Serbia

In the service of citizens

In first three months budgetary revenues higher by 16% than established by interim financing decree

Belgrade, 2 April 2007

The Serbian Ministry of Finance stated that from January 1 to March 31 this year, during the period of implementation of the Decree on interim financing, budgetary revenues worth RSD 152 million were realised, which is RSD 22 million, or 16% more than established by the Decree.

The statement by the ministry reads that current revenues include profits from sale of the third licence for mobile telephony worth RSD 25.4 billion. In relation to the same period last year, the revenues are higher by 50%, with the revenues in the first three months of 2006 being RSD 100 billion.

Current expenditures stand at RSD 116 billion, which is RSD 8 billion or 7% less than established by the Decree, and only RSD 6.4 billion more than in the same period last year.

A budget surplus of RSD 36 billion was realised in this manner which is six times more than the surplus of RSD 5.6 billion envisaged by the Decree, while in the same period last year there was a budge deficit of RSD 9 billion.

At the beginning of January a public debt worth RSD 6.5 billion was settled from the budget surplus. At the same time sums worth RSD 9.4 billion were spent on expenses in the realisation of the National Investment Plan even though the Decree envisaged funds worth RSD 19.6 billion, which is approximately the same as in the last three months of 2006 since the realisation of the National Investment Plan began.

Similarly RSD funds of the Republic of Serbia on March 31, 2007 stood at RSD 44.1 billion, of which RSD 4.2 billion was spent within the framework of the Serbian budget, which is nearly four times more than March 2004 when this government came into office.

Foreign currency reserves of the Republic of Serbia in the National Bank of Serbia on March 31 stood at €1.1 billion, which is 14.5 times more against March 2004 when these reserves stood at a mere €75 million.

The RSD and foreign currency liquidity rate of the Serbian budget is still extraordinarily high, despite the fact that starting from November 2006 a debt toward pensioners worth RSD 22 billion and foreign debt to the European Bank for Reconstruction and Development (EBRD) worth RSD 25 billion was settled, adds the statement.